Bring over the Cash over
Jul 18th 2012, 10:46 am
#1
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Joined: Aug 2008
Posts: 23
Bringing the Cash over
Hi
I wonder if anybody can offer advice on bringing over and tying up the finances in the UK.
We lived in Australia as Students for just over two years and have been here as Permanent Residents for nearly two. The family home is still in the UK with around an 18K mortgage left. The rent we receive from the tenants is paying off that mortgage, slowly. We didn't have the minerals to sell the house whilst living here as students. The GFC then hit whilst we were students so we have been in no hurry to sell up since.
I now want to know what we can and/or can't do with that property and what advice anybody may have. We would rather leave the house in the UK until retirement, but I am now thinking of what implications may occur A. when the mortgage is finished and the rent becomes an income, and B. what would happen when the house is sold for both in the UK and here in Australia.
If it makes any difference I'm 43, Wife 46, Daughter 13
Many thanks in advance
Casper III
I wonder if anybody can offer advice on bringing over and tying up the finances in the UK.
We lived in Australia as Students for just over two years and have been here as Permanent Residents for nearly two. The family home is still in the UK with around an 18K mortgage left. The rent we receive from the tenants is paying off that mortgage, slowly. We didn't have the minerals to sell the house whilst living here as students. The GFC then hit whilst we were students so we have been in no hurry to sell up since.
I now want to know what we can and/or can't do with that property and what advice anybody may have. We would rather leave the house in the UK until retirement, but I am now thinking of what implications may occur A. when the mortgage is finished and the rent becomes an income, and B. what would happen when the house is sold for both in the UK and here in Australia.
If it makes any difference I'm 43, Wife 46, Daughter 13
Many thanks in advance
Casper III
Last edited by Midaho; Jul 18th 2012 at 11:00 am.
Jul 19th 2012, 1:05 am
#2
Retired
Joined: Apr 2004
Posts: 34,649
Re: Bring over the Cash over
Rent is already taxable interest in Australia (minus allowable expenses). You can deduct mortgage interest, normally, but not capital repayments.
If mortgage is nearly paid off then you should already have taxable income.
When you sell the house, it may generate a capital gain or a capital loss. Also, there is sometimes relief for your main residence. You would probably need a tax professional to work out the answer specific to your circumstances.
Also see: http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
If mortgage is nearly paid off then you should already have taxable income.
When you sell the house, it may generate a capital gain or a capital loss. Also, there is sometimes relief for your main residence. You would probably need a tax professional to work out the answer specific to your circumstances.
Also see: http://britishexpats.com/wiki/House_in_UK-Keep_or_Sell
